PART II SPECIFIED ACTIVITIES
Chapter VIIISafeguarding and Administering Investments
Exclusions
Acceptance of responsibility by third party41
1
There are excluded from article 40 any activities which a person carries on pursuant to arrangements which—
a
are ones under which a qualifying custodian undertakes to the person to whom the assets belong a responsibility in respect of the assets which is no less onerous than the qualifying custodian would have if the qualifying custodian were safeguarding and administering the assets; and
b
are operated by the qualifying custodian in the course of carrying on in the United Kingdom an activity of the kind specified by article 40.
2
In paragraph (1), “qualifying custodian" means a person who is—
a
an authorised person who has permission to carry on an activity of the kind specified by article 40, or
b
an exempt person acting in the course of a business comprising a regulated activity in relation to which he is exempt.